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CITY OF ROSEVILLE. MINNESOTA
<br />NOTES TO fINANCIAL STATEMENTS - (CONTINUE01
<br />DECEMBER 31, 1987
<br />Noie 8- Special ftevenue (Lommunitv Devetooment BLock Gran[
<br />In 1987, the City entered into an agreement uith Ramsey County for the purposes of removing bLighted
<br />structures, improving air quality and increasing emptoyment opportunities for lou to moderate income
<br />persons in a�redevelopment area of the City.
<br />The County, through the U. 5. Government Community Development Program, provided a Community DeveLopment
<br />Block Grant in the amount of E200,000. The agreement hetween the County and City provides for the grant
<br />as a Loan retained by the City until it has been repaid hy the originaL developer. In 1987, the City
<br />Loaned the S20D,000 to a deveLoper under the following terms: The toan is to he interest-free untiL
<br />Uecem6er 14, 1988. On January 15, 1989, the developer begins repaying the loan to the City at a rate of
<br />SY. per annum on the unpaid balance. The payments are to be made monthty for a term of 13 years. The
<br />final payment is to be made on Decem6er �5, 20D2.
<br />Upon receipt 6y the City and upon approvat by the County, the City may re-use the proceeds and interest
<br />of the grant for another community 6Lock grant quatitied proje<t. At which time, the loan is forgiven,
<br />and the City witl have fult control and responsibiLity of the funds. This fund is included in the
<br />special revenue fund type because the uttimate conditions best meet Special Revenue definitions.
<br />Note.9 - Fixed Assets/Property and Equipment
<br />Changes in the GeneraL Fixed Asset Account Group for 198� were as follows:
<br />Land
<br />Buildings
<br />Improvements
<br />other than
<br />�huitdings
<br />Machinery and
<br />equipment
<br />Construction
<br />in progress
<br />TOTAL
<br />Balance 8atance
<br />January 1 Decem6er 31,
<br />1987 Additions DisposaL 1987
<br />8 7,261,780 8 282,554
<br />3,451,376 47,045
<br />16,070,818 19,539,543
<br />S 1,544,334
<br />3,506,421
<br />35,6t0,367
<br />3,115,037 353,699 168,002 3,300,734
<br />13,526,466 5,770,729 13,526,466 5,170,729
<br />537,435,477 525,393,570 813,694,468 549,134,579
<br />"'___""' ""'_""' '_"""_'_ _"""__"
<br />'____""'_ "'_""__' '_"_'_'_" _'_'_"'__'
<br />The composition of Construction in Progress is further detailed below:
<br />_37_
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